"Carlos epitomized professionalism in everything he did for the Bulls both on the court, and in the community, during his time here in Chicago," Bulls general manager Gar Forman said in a statement.

"Over the last four seasons, Carlos' productivity helped elevate our team to another level. I have nothing but respect for Carlos, and certainly wish him the best as he moves forward."

The move takes Boozer's reported $16.8 million salary off Chicago's books, giving the Bulls room to sign free agents and freeing other teams to bid on his services.

Free-agent big man Pau Gasol announced over the weekend he was signing with the Bulls, and the team has reportedly reached agreements with guard Kirk Hinrich and former first-round draft pick Nikola Mirotic, who has been playing in Spain.

Boozer, 32, played the past four seasons with the Bulls, averaging 15.5 points and 9.0 rebounds in 280 games. The 12-year NBA veteran holds career averages of 16.6 points and 9.8 boards over 790 games.

The Bulls also announced they have waived forward Lou Amundson and guards Ronnie Brewer and Mike James.